MBA is a far-fetched dream for many students owing to the exorbitant costs. On an average, the cost of an MBA in India is not more than 15,00,000-25,00,000 INR at leading B-schools such as IIMs, XLRI, SPJIMR and others. The cost of an MBA abroad is almost 2 times the cost of an MBA in India which often keeps students from pursuing their dream of studying abroad. But why give up on your goal when international MBA scholarships for Indian students are here to fund your education abroad.
If you are looking for scholarships for MBA abroad for Indian students, you have landed in the right place. Here we have covered all key aspects of the best MBA scholarships for Indian students along with a detailed discussion on the cost of an MBA degree at various top study abroad destinations, types of scholarships & more.
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Table of Contents: |
Cost of Studying MBA Abroad
Before discussing the scholarships for studying MBA abroad for Indian students, let us throw some light on the cost of studying MBA in various top study abroad destinations:
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Country |
Average Tuition Fees (in INR) |
|
USA |
35,00,000-50,00,000 INR/ year |
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UK |
30,00,000-80,00,000 INR/ year |
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Canada |
20,00,000-35,00,000 INR/ year |
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Australia |
30,00,000-45,00,000 INR/ year |
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New Zealand |
15,00,000-25,00,000 INR/ year |
|
Germany |
20,00,000-40,00,000 INR/ year |
Types of Scholarships for International Students
If you are not aware of the types of scholarships for MBA abroad for Indian students, here is a brief discussion on the different types:
- Merit-based scholarships: This type of scholarships are awarded to students on the basis of academic records, GPA, test scores, extracurricular participation, community service and other professional as well as academic achievements. To be awarded merit scholarships, universities may consider applicants automatically without requiring a separate application.
- Need-based scholarships: This scholarship is meant for students with financial constraints and are awarded on the basis of demonstrated need. Most universities require a separate application for offering need-based scholarships or will ask you to indicate it on your application.
- Diversity scholarships: B-schools abroad reward diversity in their student body by giving various scholarships where the international students pay the same fees as domestic students. This way more and more international students can be attracted.
- External scholarships: Not only universities but private organizations, Government and sometimes even well-known employers award MBA scholarships for Indian students to study abroad. All external scholarships require a separate application to be submitted within the deadline. You must apply early for these scholarships to receive maximum consideration.
Popular Scholarships for MBA Abroad
Now that we have learned about the types of scholarships for MBA abroad for Indian students, let us browse through the most popular scholarships for studying at leading B-schools in USA, UK, Australia, Canada and other countries along with some important insights:
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Global Study Awards
The Global Study Awards are given by the British Council to ambitious students who wish to pursue postgraduate studies at reputed universities abroad. To be considered for this award, you must take the IELTS in the year preceding the deadline to apply.
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Application Process |
Separate application required |
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Application Deadlines |
Dates to be announced |
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Amount Covered |
£10,000 |
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Number of Awards |
2 |
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Duration |
One-time award |
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Forte Fellowships
The Forte Fellowships are prestigious awards given to students selected for MBA at Forte partner business school. Only female candidates can apply for this award. Generally, Forte fellows have a GPA of more than 3.6, GMAT score of around 700 and 5 years of work experience.
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Application Process |
Separate application required |
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Application Deadlines |
Depends on the institution |
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Amount Covered |
Part of tuition fees |
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Number of Awards |
1,000-1,500 |
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Duration |
Program duration |
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Sydney Future Leaders MBA Scholarships
The Sydney Future Leaders MBA scholarships are university-specific, merit based scholarships awarded only to part-time MBA students which is the no.1 program of its kind across Australia.
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Application Process |
Separate application required |
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Application Deadlines |
Not specified |
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Amount Covered |
A$60,000 i.e. full-tuition fees |
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Number of Awards |
Varies |
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Duration |
Maximum 4 years of part-time study |
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Skoll Scholarship
If you wish to avail the Skoll scholarship, you must apply for admission to MBA at the Said Business School in rounds 1, 2 or 3. The Skoll scholarship wishes to recognize and award students with entrepreneurial capacities that can solve social and environmental problems prevailing in the society.
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Application Process |
Said Business School MBA application |
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Application Deadlines |
Apply within round 1, 2 or 3 |
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Amount Covered |
Full course fees + partial living stipend |
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Number of Awards |
4 |
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Duration |
Program duration |
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DAAD Scholarship
The German Academic Exchange Service popularly known as DAAD provides fully-funded scholarships for MBA in Germany. Over 1,00,000 such scholarships are awarded every year to deserving candidates that are available for the duration of the program.
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Application Process |
Official DAAD website |
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Application Deadlines |
August-October 2022 |
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Amount Covered |
Fully funded |
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Number of Awards |
100,000 |
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Duration |
1-2 years |
Here are some other popular MBA scholarships for Indian students to study abroad along with their eligibility criteria and amount awarded:
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Name of Scholarship |
Eligibility Criteria |
Amount Awarded |
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BK Birla Scholars Program |
Awarded to candidates applying for MBA at London Business School who demonstrate outstanding academic records, leadership qualities and display integrity, service and dedication. |
Up to full tuition fees |
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Cardiff India Scholarships |
All Indian students applying for eligible master’s degree programs that include MBA are eligible to apply. |
£5,000 |
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Stanford Reliance Dhirubhai Fellowship |
Students from India who are applying for an MBA at Stanford University and have excellent academic records and professional qualifications along with leadership skills and commitment. |
80% of tuition fee, living expenses and health insurance |
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SP Jain School of Global Management Postgraduate Merit Scholarship |
This merit scholarship is awarded on the basis of academic records for which students must have at least 75% in undergraduate degree, a minimum of 720 in GMAT and 95 percentile in CAT/SPJET and showcase achievements in extracurricular activities, sports and social service. |
$5,000-10,000 |
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LOreal Scholarships |
Each year L’Oreal funds one MBA for students applying to INSEAD based on creativity, diversity and entrepreneurial spirit. |
€25,000 |
This was all about scholarship for MBA in abroad for Indian students. We hope the discussion was helpful in providing you details about the eligibility criteria, value, capacity, duration and most importantly the application process and deadlines of various scholarships for Indian students to study abroad MBA. Undoubtedly, an MBA scholarship will effectively lower your tuition fee burden and at the same time with a little adjustment in your monthly budget, you can manage your expenses and complete an MBA abroad at a reasonably lower price. Go ahead and prove your skills to secure the best MBA scholarships for Indian students.
Frequently Asked Questions about MBA Scholarships for Indian Students
Ques. Which country offers free MBA for Indian students?
Ans. Germany is popular for providing MBA degrees with no tuition fees which reduces the maximum financial burden automatically as the student is only left to pay for student contribution and living costs.
Ques. Are Indian students eligible to get scholarships for MBA in USA?
Ans. Yes, Indian students are eligible to get scholarships for MBA in USA on fulfilling requirements for the particular award.
Ques. Are there any fully funded MBA scholarships for Indian students?
Ans. Yes, there are fully funded MBA scholarships for Indian students including Clarendon Fund, Felix Scholarship, Oxford-Indira Gandhi Graduate Scholarships, London Business School Funds Scholarship among others. Though it is not so easy to get a 100% scholarship which often makes students believe that there are no such scholarships that cover the entire program costs.
Ques. What is a good GMAT score for getting MBA scholarships abroad?
Ans. To apply for MBA scholarships abroad, you must have a minimum GMAT score of 600 or above. If you are aiming at some of the top B-schools providing MBA scholarships, it is recommended to have a score of 700 or above for getting the highest possible award.
Ques. Is work experience compulsory for MBA scholarships abroad?
Ans. In most cases, yes, work experience is compulsory for MBA scholarships. Universities look for applicants with 2-5 years of professional experience as well as achievements besides the academic records.